The bill S. 414, introduced by the Senate Banking and Insurance Committee on March 4, 2025, seeks to approve the regulations set forth by the State Board of Financial Institutions concerning the declaration of dividends by state-chartered credit unions. Specifically, it addresses Regulation Document Number 5286, which aims to clarify the existing legal framework outlined in Section 34-26-710 of the South Carolina Code of Laws. The approval of these regulations is in accordance with the provisions of Article 1, Chapter 23, Title 1 of the South Carolina Code.

Upon receiving approval from the Governor, this joint resolution will take effect. The proposed amendments to Regulation 15-50 were initially drafted and published in the State Register, with a Notice of Drafting released on June 28, 2024, followed by the Proposed Regulation on August 23, 2024. The bill does not include any specific insertions or deletions from current law but focuses on the clarification of existing regulations regarding credit union dividends.